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Updated almost 8 years ago, 01/02/2017

User Stats

19
Posts
1
Votes
Anwar Shabazz
  • Investor
  • Chicago, IL
1
Votes |
19
Posts

Refinance with Building Violations

Anwar Shabazz
  • Investor
  • Chicago, IL
Posted

I started working on a refinance in September of this year for my commercial property.  I was hit with several building violations the next month. With that said, I went to court and cooperated with the city and agreed to make repairs due to the building being 100 years old. I got approved for the loan last month and I have a closing date scheduled for next week and my lender told me when she pulled title, the city's court hearing showed up with the violations, but since we are curing all violations, there is no dollar amount on the title, so my lender can't lend to me. 

I'm sure I am not the only person who refinanced with violations on the property.   What options do I have if I want to get this loan to close?

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